What Wealthy Families Are Asking Right Now

By Terry Horan

From Our Latest Private Wealth Briefing

We recently hosted our third Private Wealth Briefing at the Hyde Park Country Club, The Fireside Chat: Questions Wealthy Families Ask Most – Answered. This night of questions and discussion included Tom McCullough, one of the most respected voices in ultra-high net worth family wealth.

After a career spent alongside families, business owners, and investors, I believe that wealth is a means, not an end. The real work is helping people use wealth, to build productive and abundant lives now and for the generations who follow. The questions in the room that night were a reminder of how much that work matters.

ABOUT OUR SPEAKERS

The conversation brought together three people, each with a different vantage point (or perspective) on the same work.

Tom McCullough is the co-founder of Northwood Family Office and the author of both Wealth of Wisdom books. He has worked alongside some of the world’s most accomplished families, helping them navigate wealth preservation and governance. His work has always centered on the family behind the wealth.

I had the chance to sit down with Tom for the fireside conversation, joined by my colleague Andrea Costa.

Andrea Costa, our Vice President of Wealth Strategy and Financial Planning, brings nearly a decade in law to her work in estate, tax, and business succession planning. She builds comprehensive plans for families with multigenerational wealth. She is a trusted partner for her families and helps coordinate the other team advisors to create tangible results.

THREE TOPICS THAT MATTERED THE MOST

The People Who Build Wealth Worry About Their Children, Not Their Portfolios

Almost everyone who has built real wealth carries the same quiet concern, and it is rarely about the markets. It is about their children. The instinct to protect the next generation runs deep, especially in people who sacrificed and took risks to get where they are.

Yet that same instinct creates a hard question. How do you prepare someone for the responsibility of wealth without removing the very experiences that build character in the first place? This is not a financial question. It is a values question. It is one of the most important conversations a family can have while the people who built the wealth are still at the table to shape it.

Never Run Your Own Family Meeting

The family meeting is one of the most valuable habits you can develop. It is also the one you should not lead yourself. When someone with a personal stake runs the conversation, old dynamics surface and shape unintentional outcomes.

A neutral facilitator changes everything. An advisor experienced and unattached to the result can hold space for honest disagreement. They will surface the real concerns, and keep the focus on shared purpose rather than individual agendas. A trusted advisor will also respect and bring in the perspective of the next generation, strengthening both your family and its future.

The Most Astute Investors Want the Thinking, Not Just the Returns

Our investment breakout, led by David Templeton, our Chief Investment Officer, and Zac Martin, our Senior Investment Analyst, drew some of the most engaged conversation of the evening. What stood out was the appetite in the room. These are sophisticated investors who want to understand our investment process and how we position portfolios.

This discussion focused on incorporating short-term noise into long-term decisions, and the noise is everywhere. Conflict involving Iran spiked oil prices on fears of supply disruption, yet the market recovered in a sharp V-shape.* The rise of artificial intelligence has raised questions about which software companies will adapt and which will be left behind. True investment discipline keeps short-term noise from driving long-term decisions, and recognizes the rare moments when that noise creates real opportunity.

WHAT’S NEXT

Our next Private Wealth Briefing is in October, featuring Kirby Rosplock and titled The Power of Education to Preserve Wealth Across Generations. What sets Dr. Kirby Rosplock apart from virtually every expert in the field of family wealth is simple: she has lived it. Kirby is a fourth-generation member of a prominent family of wealth, and she currently sits on both her family’s company board and their philanthropic board. She speaks from the inside, not the outside. Kirby’s life work centers on a powerful belief: that education is the most reliable investment a wealthy family can make. She is the CEO of Tamarind Partners, Founder of Tamarind Learning, and author of The Complete Family Office Handbook. Contact your HORAN Wealth advisor for an invitation.

If these themes resonated with you or you have questions, contact us at privatewealth@horanwealth.com.

About Terence L. Horan, CLU^®, ChFC^®, CAP^®

Terence L. Horan is President and Chief Executive Officer of HORAN Wealth. He has spent his career building people, systems, and culture to help families, business owners, and multi-generational private wealth clients create productive and abundant lives across generations. His leadership is grounded in discipline, values, and The HORAN Way, 27 Fundamentals that guide how the firm serves clients and builds a lasting legacy.

About HORAN Wealth

For over 75 years, HORAN Wealth has guided businesses, families, and investors through their financial journey, so they can live more abundantly and productively, now and for generations to come. As one of the largest independently owned advisory firms in Cincinnati, HORAN Wealth is a trusted fiduciary with a growing national footprint, overseeing nearly $4 billion in assets under advisement, with offices in Ohio, Kentucky, and Pennsylvania.

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